Stock Market LIVE Updates: GIFT Nifty indicates a gap-down start; US, Asian markets fall

The broking house change earnings estimates by (-6%)/4% for FY25/FY26 to account for the acquisition and the increase in interest outgo in FY25. It assumes reduction in net debt in FY26 on the back of free cash flow generation.

Broking firm value ERIS at 22x 12-month forward earnings to arrive at a Target Price of Rs 930.

ERIS has been aggressively expanding its product portfolio/therapy presence through M&A for the past 12-15 months. With total investments of Rs 35 billion till date, it has diversified into dermatology, nephrology, and women’s healthcare.

The latest acquisitions would enhance the company’s diabetes offerings in injectable dosage and add MABs in the oncology space. Now that the offerings are considerably expanded, scaling up the acquired business and improving the profitability of its overall business would be vital for ERIS in the medium term. Maintain Neutral rating on the stock.

-Much-anticipated auto fuel price cut should finally remove key overhang

-Rs 2/liter price cut versus estimate of Rs 2-3/l brings India’s fuel basket to $85/bbl brent crude

-Implied integrated fuel margin for retailers will average 30 percent above mid-cycle

-Implied integrated fuel margin will average 30 percent considering strength in refinery margin

-Prefer IOC with highest refining exposure, should benefit

-HPCL may see a negative near-term impact on integrated margin

-Negative near-term impact for IOC due to its lower self-sufficiency ratio of 60 percent

-IOC’s fuel marketing volumes higher than fuel refining output

-Would look to accumulate HPCL stock should any correction occur

TVS Motor (Singapore) Pte. Ltd. has now subscribed to an additional 1,820,326 Series AA Shares of Ion Mobility on 14th March 2024 and thereby ION Mobility has become anAssociate of TVS Motor (Singapore) Pte Limited as well as the Company.

L&T Technology Services has won a first-of-its-kind program in India worth around USD 100 million (Rs 800 crore) from Maharashtra State Cyber Department, under the Government of Maharashtra.

The sentiment remains negative as the Index consolidated around the lower half of the previous session’s candle on the daily timeframe. Additionally, the index has closed below the 21EMA with a bearish crossover in the RSI. However, bulls managed to push the Nifty back into the rising channel by the session’s end, suggesting a possibility of a bullish trend reversal.

Looking ahead, the Nifty could encounter resistance in the 22200-22250 zone. Clearing the resistance at 22250 might propel it towards 22500 in the near term. Support levels are situated at 22050-22000.

Crompton Greaves Consumer Electrical has bagged order(s)/ Letter of Empanelment from Government of Maharashtra, Haryana and Rajasthan for supply, installation, testing and commissioning of Solar Photovoltaic Water Pumping System (SWPS) with PV Modules under the esteemed PM-KUSUM Scheme at various location across the respective states.

Oil prices edged lower on Friday but were on track to gain nearly 4% for the week as sharp declines in U.S. crude and fuel inventories, drone strikes on Russian refineries and a rise in energy demand forecasts buoyed prices.

Brent crude oil futures for May fell 41 cents, or 0.5%, to $85.01 a barrel at 1234 GMT, after crossing $85 a barrel for the first time since November on Thursday. U.S. West Texas Intermediate (WTI) crude for April fell 32 cents, or 0.4%, to $80.94.

The dollar was firm on Friday and set to snap a three-week losing streak as hotter-than-expected U.S. inflation data stoked worries about when and by how much the Federal Reserve would start cutting interest rates this year.

The dollar index, which measures the U.S. currency against six rivals, was 0.058% higher at 103.44, after rising 0.55% on Thursday. The index is on track for a 0.7% rise for the week, its first week of gain in four.

Pune E – Stock Broking will make its debut on the BSE SME on March 15. The final issue price has been fixed at Rs 83 per share. The stock will be in trade-for-trade segment for 10 trading days.